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Reinsurance in the UK: Market Research Report

Market Research • Market Size • Industry Statistics • Industry Analysis • Industry Trends

Reinsurance Market Research Report | SIC K65.200 | Oct 2016

Revenue rises: Higher demand from general and life insurance has supported growth

IBISWorld’s Reinsurance market research report provides the latest industry statistics and industry trends, allowing you to identify the products and customers driving revenue growth and profitability. The industry report identifies the leading companies and offers strategic industry analysis of the key factors influencing the market.

Report Snapshot
Market Share of Companies
Lloyd's of London Lloyd's of London  market share
Munich Re Munich Re market share
Industry Statistics & Market Size
Revenue
£17bn
Annual Growth 12-17
1.7%
Annual Growth 17-22
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Profit
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Employment
4,326
Businesses
41
Industry Threats & Opportunities
  • Premium prices and investment income are anticipated to expand, supporting growth
  • Enterprise numbers are expected to have remained flat despite consolidation activity
  • ... purchase to read more

Industry Analysis & Industry Trends

Reinsurance is the business of insuring insurance policies so that direct insurers can manage their risk and limit their liabilities. Reinsurers often also use reinsurance to manage their own policy risks or to generate profit by insuring reinsured policies. This process is known as retrocession. Reinsurance is a global business because geographical risks can be minimised by spreading coverage across a variety of markets. Operators in this industry generate their revenue from policy premiums and investment income. Industry revenue is estimated to grow at a compound annual rate of 1.7% over the five years through 2016-17. Premium income was weak at the start of the period but rebounded over the following years... purchase to read more

Industry Report - Industry Key Buyers Chapter

The Reinsurance industry exhibits a medium level of market share concentration, with the top four players in the industry estimated to account for less than 70% of the industry in terms of premium income. However, the top two firms, Lloyd's of London and Munich Re, account for 49.6% of the industry according to IBISWorld estimates.

Industry concentration has increased during the past five years due to consolidation activity, which is also expected to cause the concentration level to increase further over the coming five years

Foreign companies that participate in the UK market do not have a significant market share although many domestic insurers insure with overseas reinsurers because reinsurers tend to deal with insurers directly. Thi.. purchase to read more

Additional Insights for the Reinsurance Industry

IBISWorld identifies 250 Key Success Factors for a business.The most important for the Reinsurance Industry are

  • Financial position of the company (as against financial structure)
  • Ability to effectively manage risk
  • Must comply with government regulations
  • IBISWorld analysts also discuss how external factors such as Damage caused by natural disasters and Demand from general insurance in the Reinsurance industry impact industry performance... purchase to read more

     


    Industry ProductsRelated Reports

    What is the Reinsurance Industry?

    Companies in this industry specialise in assuming all or part of the risk associated with insurance policies underwritten by insurance companies. In other words, the primary business of participants in the industry is insuring insurance companies by taking on some of the risks they have assumed through their underwriting activities.

    Industry Products
    Life reinsuranceAccident, health and medical reinsuranceProperty and casualty reinsuranceOther reinsuranceLiability reinsurance
     
    Industry Activities
    Reinsuring automobilesReinsuring annuities, life insurance and disability incomeReinsuring health and medical policiesReinsuring sureties and titles


    Table of Contents
    About this Industry
    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry at a Glance
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Industry Performance
    Executive Summary
    Key External Drivers
  • Damage caused by natural disasters
  • Demand from general insurance
  • Demand from life insurance
  • year bond rate
  • FTSE 100
  • Current Performance
  • Reinsurance defined
  • Diversifying risk
  • Chart: Revenue Growth
  • Industry Outlook
  • Industry growth
  • Profitability
  • Table: Reinsurance Industry Revenue Outlook
  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Reinsurance Industry Lifecycle vs The Economy
  • Products & Markets
    Supply Chains
  • Key Buying Industries
  • Life Insurance
  • General Insurance
  • Key Selling Industries
  • Insurance Agents & Brokers
  • Reinsurance
  • Products & Services
  • Property and casualty reinsurance
  • Life reinsurance
  • Liability reinsurance
  • Accident, health and medical reinsurance
  • Other reinsurance
  • Chart: Reinsurance Industry Products and Services Segmentation
  • Demand Determinants
    Major Markets
  • General insurers
  • Life, health and medical insurers
  • Chart: Major Market Segmentation for the Reinsurance Industry
  • International Trade
    Business Locations
  • Chart: Business Locations by State
  • Competitive Landscape
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Profit
  • Loss and loss adjustment expenses
  • Commission and brokerage costs
  • Wages
  • Other
  • Chart: Cost Structure Benchmarking – Sector vs Reinsurance
  • Basis of Competition
    Barriers to Entry
  • Table: Barrier to Entry Checklist for the Reinsurance Industry
  • Industry Globalization
    Major Companies
    Lloyd's of London
    Munich Re
  • Table: Lloyd's of London - financial performance
  • Table: Munich Re - financial performance
  • Operating Conditions
    Capital Intensity
  • Chart: Level of Capital Intensity for the Reinsurance Industry
  • Chart: Tools of the Trade: Growth Strategies for Success
  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth
  • Regulation & Policy
    Industry Assistance
    Key Statistics
  • Table: Industry Data for the Reinsurance Industry
  • Includes:
  • Industry Revenue (2008-2022)
  • Industry Gross Product (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Wages (2008-2022)
  • Table: Annual Percentage Change for Key Industry Data
  • Table: Key Ratios for Industry Key Data
  • Jargon & Glossary
    Capacity
  • The supply of insurance and the maximum amount of insurance a company or market can underwrite based on its financial strength or the policyholder's surplus.
  • Cede
  • The action of an insurer passing risk to a reinsurer. The cedent purchases a contract indemnifying them for specific losses realised in assuming liability through the issuance of insurance policies.
  • Retrocession
  • A reinsurance transaction whereby a reinsurer cedes all or part of the reinsurance risk it has assumed to another reinsurer.
  • Underwriting
  • A process of measuring risk and determining the premium that needs to be paid to insure that risk.

  • Why Buy this Report?
    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Reinsurance:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Reinsurance market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Reinsurance, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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